goldman's roy -- lloyd blankfein.own from last quarter but we are hoping things will pick up by q3. yeah...uh... boss: doug? sorry about that. umm...what...its...um... boss: you alright? [sigh] [ding] never settle with power e*trade. it has powerful, easy-to-use tools to help you find opportunities, 24/7 support when you need answers plus some of the lowest options and futures contract prices around. don't get mad. get e*trade and start trading today. >>> futures pointing to a higher open once again as congress creeps towards another trillion dollar relief package. the latest on the stimulus talks and what it means for the economy is coming up >>> and controversy around president trump's comments about his coronavirus treatment and plans to fast track at least two experimental cocktails for public use >>> plus, the pros and cons of breaking up big tech we will hear both sides of the argument as the second hour of "squawk box" begins right now. >>. ♪ stand amy ground and i won't back down ♪ ♪ hey baby there ain't no ea

leaders including david solomon, john wold woldran will forego future pay and past executives, lloyd blankfeinill return past pay. some are doing so voluntarily. there's no suggestion they knew anything about the wrongdoing at the sim but the claw back is more of a sign acknowledges they were at the helm that key things occurred below them. the total amount of pay being given up is $174 million here is the breakdown. three individuals implicated in this scheme criminally account for $67 million, and five former executives, including lloyd blankfein, account for $67 million. as it relates to gary cohn, former coo and head of economic counsel, this line in goldman sachs relates to him the firm is in active discussion with another of these retired senior executives who also already received 2011 award about returning the majority of it as well yet to confirm that aspect goldman sachs' malaysian emptity is pleading guilty as part of this as you said, kelly, seems some of this size of settlement is priced into the stock higher today. >> those executives returning comp from, in some cases, almost a

tom: how bad a week does lloyd blankfein have? let's cut to the chase here.achs, embarrassment to the good men who ran the shop for years. sonali: it sucks to lose some of your pay. the clawback is a big thing. we haven't seen anything of that skill before. this fine is the biggest bribery fine of any company, let alone a bank, and any u.s. company that has ever made made in u.s. history. but with that said, you see goldman recovering a little bit because investors are excited about them getting these fines behind them. tom: and what is the best practice for mr. paulson forward? management,former obviously they've had their history, and you move forward. what is the move forward for goldman sachs? sonali: performance, broad as well as in the united states. tom: are they going to retrench from asia? sonali: absolutely not. when you look at the top five ipo's in the last year, most of them were not in the united states. retrenching from asia is not an option. tom: i get it is not an option, but then again, it comes down to the city as well. in all of your conte

as part of the goldman settlement, executives including former ceo lloyd blankfein will see salary claw-backsotalling about $174 million. david solomon's pay slashed as well as that of two other top executives currently at the firm. solomon saying yesterday quote, we must learn from our mistakes and accept the consequences when we fail. goldman sachs looking forward now. >>> all right. though the actual embezzlement did happen between 2009 and 2013, the lid fully blew off the scandal in 2015, when a journalist in london and the "wall street journal" were tipped off to fraud. you can see what goldman has done since 2015. the peak was about 2018. so then you've got covid and a bunch of other drama. goldman fighting back. >>> to some better news here in the markets at this hour. let's get to lauren simonetti for today's fox business brief. hello, lauren. lauren: happy friday. let's start with this. btig upgrading the auto research and shopping site to a buy, pointing to both its cheap valuation and the potential for a pop in automobile demand when a stimulus deal is finally reached on capitol hi

tens of millions of dollars in total, which will include the likes of former ceo and chairman lloyd blankfeine fact that they were at the helm at the time or at the helm today as they've dealt with things over the last couple of years. it does not suggest they had any knowledge of the wrongdoing. that will include callbacks of individuals who were responsible. i don't know the numbers that will be apportioned to the likes of blankfein and solomon the sub entity of malaysia will plead guilty of one count of conspiracy to violate the scpa that will be the only plead -- guilty play and that's just the malaysian entity of the bank in terms of fines, they've already paid $1.5 billion to malaysia i'm expecting a roughly another $2.5billion covering the likes of hong kong, singapore and all various law enforcement agencies here in the u.s. we'll wait to hear more about whether that requires extra provisions from the banks. according to sources familiar with the matter, they probably provided for most of that extra $2.5 billion already maybe a few hundred extra provision, but i don't think this will

>> well, businesses that invested in technology -- lloyd blankfein was on a couple of days ago what heut how he worked at a public company, a private company and they were both named goldman sachs when it was private what they did is this business, you know, when you're working for a private company, they were making as much as they could all the time they didn't care about smoothing earnings when they were a public company in order to get a higher valuation you want your earnings to be relatively consistent. so he said what he -- said that's the difference in the businesses what we do is we invest in companies that are continuously investing in themselves, penalizing the current results and when they do that the stock prices reflect that element of penalizing earnings and as a result they're less expensive than they would be when companies ever announce that they're making these investments in businesses to grow bigger, then what happens is that the stock prices go down that's when we have a chance to buy more we are always buying but we're buying more when stock prices go and we're a

, a -- but otherwise, a sizable chunk is going to be coming from the ceo and his predecessor, lloyd blankfeincials will have their 2020, cut by $31 million. so, it's now making them the accountable -- making them be accountable, and still maintains for rogue actors. anna: thanks very much, dani burger with the latest. let's return to the earnings story, specifically the hotel sector. accor says revenue plunged, but claims the worst of the coronavirus crisis is behind the business. french hospitality group's revenue fell by 63% during the period. during the second quarter hit by lockdowns, travel restrictions, accor reported an 88% fall. we're joined to assess this by the cfo and deputy ceo. good to speak to you. it seems that traders are divided this morning, or analysts. analysts seem to be divided as to what to make of the latest trading data that you put out. how much do you think you've turned a corner at accor? how much is the worst really behind you? guest: you know, if you don't -- q2, the second quarter, which was done to -9%. i was giving 10% of my revenue, just as i did the year bef

. >> you saw lloyd blankfein on this morning. >> i didn't listen am i allowed to say that i keep thend off >> okay. >> goes way back >> there is a fly in here. >> got it. you got to cut me short there, lloyd is a big thinker the think that trapped goldman, i believe, and trapped gorman, they aren't getting any credit for being transactional houses as opposed to house a huge number of bad loans or have problems carl, we have to be honest, citigroup has become a nightmare of regulation. >> yes i was just -- i was just thinking, jim, about all the news we're getting from banks, ahead of the earnings next week. morgan stanley, jpmorgan spending $30 billion today over the next five years to address racial inequality, and then this $400 million fine at citi, jpmorgan to neutral, they say it will take time and money to fix problems and avoid becoming a wells fargo. >> i know. when mike corbett announces retirement, he said this, it was in the release, he said it will cost a lot of money. he didn't dodge it he made it very clear this is going to happen. which made it so i wouldn't necessaril

former, lloyd blankfein, having to give back some comp. >> david, you know that when you read about thatment where it looked like it was too good to be true for goldman, i think you would have been flagged, but -- >> that's the question their competitors will say, david solomon will take issue with this, but they'll say, come on, man. the risk -- what you're getting paid on that, that should have -- a lot of red flags should have gone off right away. >> they have a letter from the -- the guy head of the country. who knew he was part of the mob. i think to have that behind goldman is big and the fact that my charitable trust is -- a sent david solomon a knnote saying thank you for n making them pay every penny of this. >> sticking with financials, we see at the bottom of the screen there, we talked intel, we haven't talked american express, it is down you and i both know ceos steve squary what is your sense in terms of what is going on with the quarter in which -- what did they do? net income of 1.1 billion, 1.30 a share, that's what it was. well down from a year ago. >> but i thought tha

smoothly this is going to go over the long-term, whether it is from larry fink, this past week, or lloyd blankfein last week, the sec chair. how would you grade the delivery of those capital raises over the past few months and to what degree do you see a warning sign on the horizon >> i think the amount of capital raised in spacks this year has been pretty extraordinary. something like $40 billion or so and it is really shifted spacks a number of years back was viewed as the sort of back water of the capital markets and i think that has shifted and it is becoming a more legitimate avenue if you will for a private company to come public so, you know, we have invested in spacks. i would encourage being careful in evaluating the sponsors of those spacks very, very, very carefully and looking at the track records because investors are putting their money in the short-term but i think spacks are here to stay and they're a legitimate pathway for companies to go from private to public at some point. >> yeah, they say we live in interesting times, we certainly do, joe. appreciate that. have a great weeken

lloyd blankfein, the former ceo of goldman sachs -- again, bigtime wall street democrat -- essentiallytting more and more e-mails and dms and phone calls from prominent wall street democrats. i will say a few things act that. number one, the markets are up for lots of reasons including 0% interest sates. and, number two, the election's not over, and for all the president's issues around covid, he's not losing by a huge margin. he's not down by 20% or 10%. he's at a point where he could win. nate silver of 538 essentially says it's more than, much more than a theoretical possibility, it's a 30% chance, and that's not nothing. and that's someone that sides democratic often. so that's one thing. the other thing, neil, the markets are up because of stimulus. that headline is, you know, markets love that headline. and that headline just throwing money at stuff is propelling the market. so i would not read into the markets falling in love with joe biden. i am still going to stick to logic here. if joe biden gets elected, if there's a senate that turns democrat, there has to be a recalibratio